Few M&A professionals would leave a senior leadership role to start over, but Anand Bhageria did. At 47, he founded Lagrange Point Advisors. Within four years, it became one of India’s top 10 M&A advisory firms.
On Masters of the Deal, my podcast focusing on M&A experts, Anand shared five defining moments that shaped his journey as one of India’s most accomplished dealmakers.
1. Leaving engineering to pursue an MBA
While many M&A professionals study finance, Anand started out in engineering, preparing for the Graduate Aptitude Test in Engineering (GATE) to secure admission into an Indian Institute of Technology (IIT).
“I never thought I’d go into business or do an MBA. I was very focused on doing GATE and continuing my studies in engineering,” he recalls.
I never thought I’d go into business or do an MBA.
Anand Bhageria, Managing Partner, Lagrange Point Advisors
But when he visited his dream college, gut instinct told him it wasn’t the right fit. Trusting that, he took a year off to prepare for the Common Admission Test (CAT), which led him to an MBA at MDI Gurgaon. That decision changed the course of his life.
Anand drew a powerful lesson from this experience: progress starts with action, even if you don’t yet know the destination. “You’ve got to keep on moving, and in doing so, you discover what you’re good at. When you discover what you’re good at, you build a passion because you’re good at it. And hence, it goes forward.”
2. Turning a setback into a breakthrough
After completing his MBA, Anand joined Crisil, India’s first credit rating agency, where he built a strong foundation in finance. “Crisil was a dream job at that point. We were doing cutting-edge research on credit ratings and infrastructure advisory during the early days of project finance in India,” he recalls.
Crisil was a dream job at that point. We were doing cutting-edge research on credit ratings.
Anand Bhageria, Managing Partner, Lagrange Point Advisors
He later joined ICICI Bank’s project finance team, working on marquee deals such as the Dabhol Power project promoted by Enron. When the project unraveled after the Enron scandal, Anand was moved to ICICI’s Special Assets Management Group (SAMG) to handle stressed assets.
“I resented the move at the time,” he admits. “I wanted to do project finance, and now here I am, moving to a group to resolve stressed assets.”
What initially seemed like a setback turned out to be transformative. “It was a blessing in disguise because I really loved the dealmaking side of stressed asset resolution in SAMG, and I had a fantastic experience. That’s where it all started.”
3. Taking a major risk
After more than a decade at ICICI, Anand joined Singhi Advisors, eventually rising to Deputy Managing Director and Partner. Despite the security and prestige of the role, he felt a growing urge to create something of his own.
“You always want to create something from scratch and then see what you can take it to,” he explains.
That led him to found his own M&A advisory firm, Lagrange Point Advisors. It was a bold move, especially in a market dominated by established players like PwC and EY. Without the backing of an institutional brand, Anand knew that the value he brought to clients had to speak louder than his company’s size or reputation.
“ICICI branding is so strong, you walk into a meeting and you’re given attention. Here, you have to earn that credibility yourself,” he explains.
You always want to create something from scratch and then see what you can take it to.
Anand Bhageria, Managing Partner, Lagrange Point Advisors
Despite years of industry experience, running Lagrange Point Advisors proved to be a completely new challenge. “For one, you need to look after your cash flow very carefully, especially in the beginning. And you have a bigger responsibility towards your team when you are the leader.”
The risks were bigger, but so were the rewards. “With every deal that you close, or every relationship you build, you are contributing to building a brand. That’s very satisfying.”
4. Creating deals, not chasing them
Anand believes the most successful transactions are made, not competed for. While many firms rely on traditional “beauty parades” to win mandates, Lagrange Point Advisors takes a different approach.
“Most of our transactions are off-market,” he explains. “Very often we’ll go to clients with an idea, and if they like it, that can become a mandate.”
Many promoters are receptive to exploring options. “Whether it’s a joint venture or a divestment, they’re open to M&A — both buy-side and sell-side.”
We’ll go to clients with an idea, and if they like it, that can become a mandate.
Anand Bhageria, Managing Partner, Lagrange Point Advisors
The firm’s name reflects this philosophy. Anand explains, “A ‘Lagrange Point Advisors’ in space is where gravitational forces balance, creating a stable vantage point. We want our clients to see us the same way, positioned to spot trends, access the best deals, and guide them with speed and agility.”
For Anand, M&A is more than buying and selling companies; it’s a toolkit for solving complex business challenges and unlocking value. “In many situations, the best way to resolve non-performing assets is through M&A. You could capitalize the company, divest an asset, enter a joint venture, or even change control.”
5. Building success one stage at a time
Anand’s most defining ‘moment’ came with a simple realization: success is measured by progress, not endpoints.
“Dreams have always been built incrementally,” he says. “You focus on one stage, and once you complete it, you move to the next.”
For Anand, those early stages meant excelling academically, qualifying for top institutions, and cutting his teeth at reputable firms. Each milestone held significance relative to where he was in life.
Dreams have always been built incrementally.
Anand Bhageria, Managing Partner, Lagrange Point Advisors
This commitment to incremental progress now defines Lagrange Point Advisors. Even as a successful entrepreneur with a distinguished corporate career behind him, Anand refuses to be complacent.
“Now Lagrange is the dream, and for me, success is building an organization that delivers effective, tailored solutions to the unique challenges clients face,” he says.
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